Tag Archives: Real Estate Settlement Procedures Act

TILA Does Not Require a Loan Servicer to Identify the Loan’s Owner

The Ninth Circuit recently sided with a loan servicer who was sued by a borrower for failing to provide him with the loan owner’s information. In Gale v. First Franklin Loan Services et al., 686 F.3d 1055 (9th Cir. 2012), amended, 2012 U.S. App. LEXIS 18545 (9th Cir. Aug. 31, 2012), the Ninth Circuit held that … Continue reading this entry

The Ninth Circuit Analyzes Procedure for Review of Arbitration Awards

In Johnson v. Wells Fargo Home Mortgage, Inc., the Ninth Circuit addressed issues regarding a district court’s review of an arbitration award, as well as the substantive merits of the plaintiff’s Real Estate Settlement Procedures Act (“RESPA”) claims. 2011 WL 505016 (9th Cir. Feb. 15, 2011). The plaintiff, Wes Johnson, brought suit against Wells Fargo … Continue reading this entry

HUD Clarifies How Real Estate Broker Commission Fees Should Be Disclosed Under RESPA

On January 22, 2010, the Department of Housing and Urban Development’s (“HUD”) general counsel, Helen Kanovsky, provided “clarification of how real estate broker and real estate agent commission fees are to be disclosed.” The clarification came in the form of a letter responding to an inquiry by RESPA attorney Jay Varon of Foley & Lardner, … Continue reading this entry

HUD's New Settlement Cost Booklet

The Department of Housing and Urban Development has released a new Settlement Cost Booklet, much of which is dedicated to the new Good Faith Estimate and HUD-1 Settlement Statement (read more about the changes here). Pursuant to the new rules promulgated under RESPA, effective January 1, 2010, lenders and mortgage brokers must provide the Settlement … Continue reading this entry

HUD Offers Online Outreach Program To Assist With Implementation of New RESPA Rules

Effective January 1, 2010, the amended regulatory requirements of the Real Estate Settlement Procedures Act (“RESPA”) will require lenders and mortgage brokers to provide consumers with a standard Good Faith Estimate (“GFE”) designed to disclose key loan terms and closing costs. Read more on the new RESPA rules here. The Department of Housing and Urban … Continue reading this entry

HUD Announces 120-Day Enforcement Delay On New RESPA Rule, Subject To Good Faith Efforts To Comply

HUD announced today that it will follow a resolution of its Mortgage Review Board to show restraint during the first 120 days of 2010 with respect to enforcement of the new RESPA rule scheduled to go into effect on January 1, 2010 — so long as good faith efforts are being made to comply with … Continue reading this entry

Third Circuit Holds Overcharges Not Required in RESPA Actions

The Third Circuit just issued an opinion, Alston v. Countrywide Financial Corp., holding that plaintiffs are not required to have suffered an overcharge to bring a cause of action under the Real Estate Settlement Procedures Act (“RESPA”).… Continue reading this entry